Equinor (EQNR) Begins Operations at UK Blandford Road Asset
Equinor ASA EQNR announced that it has commenced operations at the Blandford Road commercial battery storage asset in the U.K.
This signifies the commencement of the company’s first operational commercial battery storage asset in the U.K.
Equinor owns the 25 MW/ 50 MWh Blandford Road battery storage asset, which was developed and will be managed by the British battery storage company Noriker Power. EQNR has a 45% equity share in Noriker Power.
Situated in Dorset, the battery storage asset is connected to the Southern Electric Power Distribution network. Blandford Road, which comprises around 150 lithium-ion battery units, has the capacity to store sufficient electricity to power 75,000 homes in the U.K. for two hours.
In the U.K., the company has a strong presence in offshore wind power with multiple wind farms. Equinor plans to have a mix of renewable energy sources, like wind and solar, combined with batteries to deal with the occasional gaps in power generation.
Equinor, a major player in the U.K.’s offshore wind industry, is expanding its battery storage capabilities. The company is currently constructing its second battery storage facility in Greater Manchester, England, known as Welkin Mill, with a capacity of 35 megawatts. The asset is anticipated to become operational later in 2024.
Noriker Power is the developer for both Blandford Road and Welkin Mill. Battery storage systems, designed to store surplus power produced from renewable sources like solar and wind, are considered essential for a smooth transition in energy.
Equinor has been a dependable energy partner for four decades. EQNR has been contributing to a steady provision of oil and gas, advancing the offshore wind industry and pioneering solutions for the U.K.’s decarbonization. Presently, the company is responsible for supplying 29% of the U.K.’s gas and 15% of the nation’s oil.
EQNR has ambitious plans to invest more than £10 billion in the U.K. by 2030, creating more than 5,000 jobs in sectors, such as offshore wind, CO2 capture and storage, hydrogen, battery storage, and oil and gas. The company aims to provide green electricity from its offshore wind farms to approximately seven million U.K. households by 2030.
Zacks Rank & Stocks to Consider
Currently, Equinor carries a Zack Rank #3 (Hold).
Investors interested in the energy sector might look at the following companies that presently sport a Zacks Rank #1 (Strong Buy) each. You can see the complete list of today’s Zacks #1 Rank stocks here.
Oceaneering International, Inc. OII is one of the leading suppliers of offshore equipment and technology solutions to the energy industry.
The Zacks Consensus Estimate for OII’s 2024 earnings per share (EPS) is pegged at $1.52. It currently has a Zacks Style Score of A for Growth and B for Value. OII’s earnings for 2024 are expected to soar 76.4% year over year.
Vaalco Energy EGY is an independent energy company principally engaged in the acquisition, exploration, development and production of crude oil and natural gas.
The Zacks Consensus Estimate for EGY’s 2024 EPS is pegged at $1.49. It has witnessed upward earnings estimate revisions for 2024 in the past 60 days. EGY’searnings for 2024 are expected to soar 325.7% year over year.
Sunoco LP SUN is among the biggest motor fuel distributors in the U.S. wholesale market in terms of volumes. Sunoco has a core competency in terms of its history of disciplined expense management.
The Zacks Consensus Estimate for SUN’s 2024 EPS is pegged at $3.83. SUN currently has a Zacks Style Score of B for Value and Growth.
Disclaimer: This article has been written with the assistance of Generative AI. However, the author has reviewed, revised, supplemented, and rewritten parts of this content to ensure its originality and the precision of the incorporated information.
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